Pug
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An invoice is a way to keep track of what someone owes you for a service or product that you are selling.
Many companies require somehting in writing that reads what you have provided, along with the cost. Providing an invoice is alomost like providing a contract. You must submut an invoice in order to get paid in most cases, and it is a good to have a written record so that there are no misunderstandings later on.
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senselessfeats
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A formal request for payment; a written record of a transaction submitted to customer or client when requesting payment for services or goods delivered; includes taxes where applicable; also called bill, and sometimes statement, though the term "statement" has a different meaning that does not include a formal request for payment. |
limahkow
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An invoice is a commercial document issued by a seller to a buyer, indicating the products, quantities and agreed prices for products or services that the Seller has already provided the Buyer with. An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller, according to the agreed terms. Invoices are often called bills.
Variations
Credit Memo - If the buyer returns the product, the seller usually issues a credit memo for the same or lower amount than the invoice, and then refunds the money to the buyer or the buyer can apply that credit memo to another invoice.
Debit Memo - When a company fails to pay or short-pays an invoice, it is common practice to issue a debit memo for the balance and any late fees owed. In function debit memos are identical to invoices.
Self Billing Invoice - A self billing invoice is when the buyer issues the invoice to himself (e.g. according to the consumption levels he is taking out of a vendor managed inventory stock).
Timesheet - Invoices for hourly services work (such as by lawyers and consultants) often pull data from a timesheet.
Invoicing - The term invoicing is also used to refer to the act of delivering the baggage to a flight company in the airport before taking the flight.
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Electronic Invoices
With the popularization of the internet, many invoices are not paper based anymore, but done electronically. The regulation on how to do electronic invoicing varies widely from country to country. B2B standards have created messages and implementation guidelines for electronic invoices. See for example EDIFACT or RosettaNet.
What is on an Invoice?
A typical invoice contains:
PO, invoice and internal order numbers
DUNS or business tax ID number
Entry, Shipped, order and invoice dates
Billing or "sold to", shipping, and "remit to" addresses
Terms of payment including due date, discount due date and discount amount
Line-item list of products, quantities and prices
Shipping method and cost
Total # of items and sum of amount due |
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